The Philippine Securities and Exchange Commission (SEC) has warned the public against investing in the Cryptogix cryptocurrency project and warned of the risks of investing in digital assets.
The Philippine SEC mentioned Sophia Fransico Holding OPC, Financial Consultancy Services Sophia-Francisco Trading and Sophia Francisco Trading, which are directly related to the Cryptogix startup. The regulator claims that the organizers of this project used social networks to find investors, promising them a 100% return on investment in 90 days. For attracting referrals, users were provided with an additional bonus of 5% of the deposit amount.
The commission stated that the services offered by Cryptogix are considered investment products, so they must be registered with the agency. Due to the lack of a license and registration, the Cryptogix offer violates the current Philippine securities laws, and the creators of Cryptogix are not allowed to attract investments from the public.
The Philippine regulator issued a similar warning regarding Crypto Marketers/Crypto Marketers Worldwide companies offering a daily return of 2% on the amount of USDT invested. The SEC has warned that those who persuade people to invest in illegal investment schemes can face criminal charges and imprisonment for up to 21 years.
Last month, the SEC of the Philippines warned local residents about the Lodi Coins cryptocurrency scheme, which guarantees a tenfold profit. In August, the regulator announced the lack of a license for the Peak Finance Consultancy Services cryptocurrency platform.
Source: Bits
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